Spring Wheat Futures Market News and Commentary
Despite afternoon rallies for corn and beans, wheat futures closed near the lows. For SRW the 13 1/4 to 16 3/4 cent losses left the board at $6.55 March and $6.60 1/4 for May. SRW futures began the month near $6.61. HRW prices closed $6.24 3/4 for March and $6.33 3/4 for May with 18 to 19 1/2 cent losses across the front months. Month to month, May HRW prices were 7 1/4 cents weaker. HRS wheat went into the weekend with 10 1/2 to 11 3/4 cent losses, May at $6.38 3/4 per bushel. First Notice Day for March wheat futures resulted in 89 HRW contracts and 652 HRS contracts but none for Chicago wheat. New crop futures still hold a slight premium to SRW. Cash price data from cmdtyView shows new crop cash HRW prices are 33 3/4 cents above SRW.
CFTC data showed Chicago wheat spec traders were 5,625 contracts more net long to 26,910 contracts on net new buying. Commercials were 117,646 contracts net short in SRW futures and options on 2/23. For KC wheat, managed money reduced their ne... Read more